Munger's memecoin riot πͺ
Charlie Munger wasn't a crypto fan, but crypto degens give a memecoin farewell. Hackers go big in November - $363M. Musk goes f*&K yourself on advertiser backlash. MicroStrategy raises Bitcoin stake.
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The famous investor Charlie Munger passed away.
He wasnβt a fan of crypto.
But now, thereβs a memecoin in his name. (heβd be pissed)
Enter, the Munger Meme Coin (MUNGER).
Just 15 minutes after the announcement of his passing, this Ethereum-based token made its debut on Uniswap.
It rocketed 31,000%, shortly after its launch.
Attracted $3.57 million in trading volume.
But all this hype short-lived. Deja Vu?
When smart contract issues came to light, it became clear that the token had coding errors that let developers control its sale.
MUNGER crashed by 97.6%. Its value landed at $0.00000002856.
And trading volume? just a day later only $23,000 worth of MUNGER changed hands in 24 hours.
MUNGER's market capitalisation down to $18,000.
Liquidity declines to around $13,000.
Just have a look π
Whoβs Charlie Munger?
Former vice chairman of Berkshire Hathaway.
Right-hand man to Warren Buffett.
Here are some of his famous comments on crypto and Bitcoin:
In 2013, he called Bitcoin as "rat poison" when it was worth $150.
In 2018, when Bitcoin's value had risen to $9,000, he it "more expensive rat poison."
He criticised Bitcoin investor returns as "idiot booms" harming the United States.
In 2018, he labeled Bitcoin "stupid" (likely to go to zero), "evil" (undermining the Federal Reserve), and detrimental to the U.S. compared to China's ban.
In early 2022, he likened cryptocurrency to a venereal disease, deeming it "disgusting."
At the Daily Journal Corporation annual meeting, he called cryptocurrency "crypto crapple" and "crypto shit," highlighting its absurdity and danger.
But little did he know that a memecoin bearing his name would become a sensation.
MemeΒ Coin Mania
Meme coins are becoming huge.
Some strike it rich, like Pepe (PEPE) or Shiba Inu (SHIB), but most meet a fate sealed by a lack of interest or, worse, a developer rug pull.
Just last week, the CZ token experienced an 18,000% surge following Changpeng Zhao's sudden resignation as Binance's CEO.
Kissinger Meme Coin
The recent passing (29 Nov) of former US Secretary of State Henry Kissinger sparks another meme coin.
One is called "Henry Kissinger Dr. Evil" and another one, "Kissinger69ObamaBidenInu420."
Within 24 hours, trading volumes soared to $307,000.
While Munger openly opposed crypto, Kissinger's connection to digital assets remains a mystery.
TTD Numbers π’
$363 million
The amount thieves, scammers, and exploiters raked in, in November.
The CertiK Report
Exploits - $316.4 million in losses, proving that crypto criminals aren't holding back.
Flash loans, the sneakiest trick in the crypto playbook, inflicted a bruising $45.5 million damage, leaving victims dazed and confused.
Exit scams had their share of the pie, swindling $1.1 million from unsuspecting crypto enthusiasts.
Top Heists of the Month
The $131.4 million Poloniex exploit bags the grand heist of the month.
The HTX/Heco Bridge breach racked up $113.3 million in losses.
A single victim felt the sting of a $27 million phishing attack.
KyberSwap attack may sound like a sci-fi thriller, caused nearly all of the $45 million in flash loan damages for the month.
TTD BlockquoteποΈ
Elon Musk, world's richest person.
βIf somebody's going to try to blackmail me with advertising β¦ blackmail me with money β¦ go f*&K yourself.β
O Elon, why?
Well, he was just responding to Disney CEO Bob Iger, who had earlier announced the suspension of advertising on X due to Musk's support of an antisemitic comment on the platform.
During an interview at The New York Times' Dealbook Summit with reporter Andrew Ross Sorkin. Musk went off the cuff.
"Go f--- yourself, is that clear? I hope it is. Hey Bob, if you're in the audience. That's how I feel. Don't advertise."
Musk has been vocal about the potential impact of major advertisers distancing themselves from the social media platform X (you may have known it as Twitter, eh?).
"And the whole world will know that those advertisers killed the companyβ
What happened?
The advertising backlash has unfolded after Musk's tweet endorsing a post on X that propagated antisemitic stereotypes, leading companies like Disney, Apple, Coca Cola, and others to remove paid ads.
Estimated damage? Up to $75 million in revenue, New York Times report.
Musk admitted that his support for the antisemitic post was "one of the most foolish" posts he had ever made on X.
"I am quite sorry β¦ I should in retrospect not have replied to that particular post."
Whereβs ETF?π¨
The SEC has requested public comments on a proposed rule change that would allow Fidelity to offer shares of its spot Ether exchange-traded fund (ETF)ππ»
TTD Whales π³
An anonymous Bitcoin wallet, sporting the code name "bc1qc," has been quietly accumulating Bitcoin worth $450 million in recent weeks.
A wallet bulging with 12,070 BTC, valued at $455,616,665 at today's rate.
Analysts from Arkham Intelligence and Blockchair have been keeping a close eye on this mysterious vault.
At first glance, it seems like a whale situation.
Is it an institutional investor gearing up for the long-awaited SEC approval of a Bitcoin ETF.
Leading figures in Crypto Twitter, such as author and investor Jason Williams and Wealth Mastery founder Lark Davis, have been fuelling the suspense.
TTD Acquisition π€
MicroStrategy
Purchased of 16,130 BTC, worth $593.3 million.
Total Bitcoin holdings to 174,530 BTC, valued at approximately $6.6 billion.
Invested a total of $5.28 billion in Bitcoin, largest corporate holder.
ARK Invest
AcquiredΒ $1.5 million SoFi Technologies (SOFI) shares, totalling 200,275 shares.
The day ARK made its move was also the day SoFi Technologies officially declared its plans toΒ cut tiesΒ with the crypto world.
It's like ARK saw an opportunity and decided to roll the dice.
ARK already accumulated 1,772,991 SOFI shares for ARK Fintech Innovation ETF (ARKF) throughout the year.
In addition to SoFi
ARK Invest acquired 221,759 shares of Robinhood (HOOD), which offers cryptocurrency trading in the US.
They sold approximately 38,000 Coinbase (COIN) shares from the ARKF ETF on the same day.
TTD Surfer π
FTX and Alameda Research cashed out $10.8 million by transferring crypto to accounts in Binance, Coinbase, and Wintermute.
Swiss crypto bank SEBAΒ has rebranded to AMINA Bank AG.
Microsoft is planning to investΒ $3.2 billion in the United Kingdom for the development of artificial intelligence (AI) infrastructure and training.
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